Canadian banks are lowering their prime rates after the Bank of Canada cut its benchmark rate for the first time in four years.  Banks including R-B-C, T-D, B-MO, C-I-B-C and Scotiabank have lowered their rates to 6.95 per cent from 7.2 per cent, effective today.  The rate drop matches the quarter-percentage-point cut made by the Bank of Canada to bring its benchmark rate down to 4.75 per cent.  Prime rates help determine lending rates from banks on everything from variable-rate mortgages to lines of credit.

 

 

The Nova Scotia government says it’s supporting people who are homeless or are at risk of being homeless through additional funding to help with overdue power bills and rental arrears.  The province says this support, known as diversion funding, will go to 14 community-based organizations.  Those organizations include Viola’s Place Society in New Glasgow and Truro Housing Outreach Society in Truro.  The providers will receive a total of $500,000 to be used for direct, one-time financial support with costs that create barriers to finding or maintaining housing.

 

 

Nova Scotia’s education minister is scheduled to release her government’s plan for cellphone use in public schools today.   Sources say that the plan will be similar to the model announced earlier this year in Ontario.  This plan would require elementary students to turn their phones off and keep them out of sight throughout the day.   Junior and senior high school students would be asked to turn their phones off and keep them out of sight during class time, unless their teacher has planned for cellphones to be used as part of the lesson.

 

 

The Town of New Glasgow is advising that James Street between Forbes St. and Marsh St. remains closed to traffic through tomorrow from 8 a.m. to 8 p.m. daily.  This closure is allowing for construction work adjacent to the street.  Detours are in place.